Thursday, October 28, 2010

O'Brien and DNC Birds of a Feather

It looks like the Democrat candidate for Secretary of State Pat O'Brien is only following in the footsteps of his party. You may recall that O'Brien appears to have taken a bank loan, but reported it as a loan from himself, and has refused to talk about it to the Arkansas Democrat Gazette.

Well it now appears that the national Democrat party has gotten a massive loan from the Bank of America. Loans of this magnitude must be secured by something of equal value. The Democrats say their mailing lists are the collateral for the loan! The DNC got $32 million from the Bank of America. The lists have an estimated value of $13.7 million, but estimates of list value are hard to gauge. When Banksters are not out to maintain control over the government, that usually means they want the collateral to be farther in excess value over the loan amount. Plus, lists are a depreciating asset. They go stale in a hurry.

For example, I could not get a re-fi on my home because the bank would not loan me more than 95% of the assessed value of my home- and if I weren't a veteran they would not loan me more than 80%. I am in a black hole of foreclosures, and so my appraised value (for which I pay property taxes) is now 10K less than my assessed value. No loan for me, or for most of you. Meanwhile, the ruling class gets the banksters to loan them more than double the estimated value of a depreciating asset whose underlying value is hard to evaluate anyway. For law-abiding people, the system is broken.

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